Recruitment of participants long/short equity program12+ hours videos, World-class Instructors

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[MalcomLeed]

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Course Outline

START HERE - WELCOME TO PHOENIX!​

• NAVIGATE THE VIDEOS (VIDEOS REPOSITORY)
• LINKS TO FILES
• MODELING (WRITE-UPS REPOSITORY)

Long/Short Equity and Idea Generation​

• Long/Short Equity Core Components
• Long-term vs Short-term Idea Generation

Consumer: From 0 to 1: Business Fundamentals, Modeling, Idea Generation​

• Understanding the business - Retail example
• Revenue and margin build - Excel file
• Pattern recognition in business fundamentals and modeling
• The core of idea generation in mature retailers
• Long TGT - thesis
• The core of idea generation in growing retailers - FIVE
• Idea generation on the margin side
• Modeling margins

TMT: From 0 to 1: Business Fundamentals, Modeling, Idea Generation (TBA)​

• How a Long/Short Analyst Would Model Spotify (From Scratch)
• Modeling Spotify (SPOT): Excel File 1
• Modeling Spotify (SPOT): Excel File 2

(Allen W.) Investment Process Overview and Philosophy​

• READ BEFORE YOU START
• Before you watch the videos in this section
• Contrarian approach (1:05)
• Drilling into the factors (0:59)
• Differentiated view on the factor (0:49)
• Justification for the factor (0:47)
• Risk framework - tighter book, unhedged risks (2:26)
• Adding to the position as it goes against you – risk/reward (1:07)
• Multi-manager world – looking beyond the next data point (0:53)
• Catalysts, time horizon, near-term momentum (1:54)

(Allen W.) Long DPZ / Short YUM: case study introduction and setup​

• Before you watch the videos in this section
• Introduction (2:12)
• Trade chart and events (2:06)
• Spreadsheet model overview (1:00)
• Relative stock performance (0:20)
• Valuation comparison (0:58)
• Bloomberg 3yr graph overview – P/E (1:07)
• Relative value versus historical range (1:04)

(Allen W.) DPZ & YUM fundamentals and business models​

• Intro
• DPZ: breakdown, EBIT, franchise business (1:28)
• DPZ: master franchise license model (1:08)
• Supply chain model and 3-5 year outlook (1:31)
• YUM: brands, EBIT breakdown (1:06)
• YUM: operating multiple brands pros and cons (1:07)
• YUM: emerging market exposure (0:50)
• DPZ vs YUM: delivery versus dine-in (0:56)
• DPZ vs YUM unit growth, DPZ healthy franchise economics (1:40)
• DPZ dependency on unit growth (1:17)

(Allen W.) DPZ same-store sales deep dive​

• Before you watch the videos in this section
• Same-store sales (SSS) 1997-2018 (1:17)
• Technology, rebrand, high SSS numbers (1:04)
• Successful “fortressing strategy” (1:10)
• Sustainable initiatives to drive SSS (0:46)
• Unsustainable SSS numbers (0:55)
• Comps: tougher comparisons (0:46)
• SSS overview and slowdown in 2019 (0:21)
• Aggregators’ issue – Q1 2019 (0:31)
• Leading indicator of SSS (0:28)
• Stock inflection in Q3 2019 (0:44)

(Allen W.) Long DPZ: why the opportunity existed​

• Why the opportunity has been created - DPZ (1:13)
• Aggregators – business models, subsidies, impact (1:32)
• Aggregators’ impact on all parties involved (3:01)
• Understanding the risk from the aggregators for DPZ (1:29)
• The rise of the aggregators – timeline (0:45)
• The driver of DPZ’s underperformance (1:33)
• Allen’s previous bet against DPZ due to the aggregators (2:03)
• How did the bet materialize? (1:04)
• The sole factor for DPZ’s underperformance (0:25)
• Gaining conviction in the trade – thought process (2:36)
• DPZ strong fundamentals and narrative shift (0:41)

(Allen W.) Short YUM: why the opportunity existed​

• YUM stock setup (2:13)
• Lowering expectations (0:33)
• The market’s reaction (1:01)
• YUM as a hedge (0:32)

(Allen W.) Long DPZ / Short YUM: trade deep dive​

• Before you watch the videos in this section
• Why the opportunity existed – summary (0:44)
• Risk/reward of the trade (1:34)
• DPZ inflection point (1:05)
• Catalyst (0:48)
• Quantifying the bet (0:19)
• Sizing up the trade as it was going down (0:54)
• When the trade started working after Q3 2019 earnings (0:21)
• Position management - 1 (0:38)
• Lowering the position (0:20)
• Stock inflection vs SSS inflection (0:35)
• How risk/reward changes (0:44)
• Position management - 2 (0:22)
• Target upside (0:32)
• DPZ Q3 2019 earnings (1:04)

(Allen W.) Case study: thesis summary, defining the bet, resolution​

• Case study thesis summary (2:02)
• Defining the bet (0:41)(Additional lectures in this section exist but were truncated in the provided file)

Later Sections (Continuing the Course)​

• How to get the HF job (various lectures on interviewing, skills, modeling, unit economics, etc.)
• (Thomas Li) Background, idea generation frameworks, true edge, sentiment, get ideas into the book (many lectures including NVDA example, PnL explained, capital flows, etc.)
• (Thomas Li) Modeling AAPL walkthrough (part 1 & part 2) — detailed revenue, services, margins, guidance, etc.
• (Thomas Li) Market neutrality deep dive, key narratives, risk/factors
• (Thomas Li) Pitching, cash flow, multiples, conviction, macro, failure
• (Thomas Li) Deconstructing fundamental and systematic movements, portfolio construction
• (Thomas Li) IPOs, sector coverage, cyclicals, small caps
• (Thomas Li) Smaller vs larger fund, prep & skills for HF, AI impact
• (Stefan T.) Modeling Revenue - Full Stock Example (27:36 video)
• (EXCLUSIVE) Session with a former partner & PM at Citadel (93:18 video)
• (Qaisar Hasan) Data-driven investing, alternative data, buyside expectations
• (Qaisar Hasan) Shorting WW (Weight Watchers) deep dive
• (Qaisar Hasan) Idea generation, using alternative data, multiples sensitivity